US Midwest soyabean, corn bids lower

Spot cash basis bids for soyabeans were lower at US Midwest processors and elevators on Monday in as farmers remained reluctant to book crop sales, dealers said. Dealers said farmers have very little to no old-crop soyabeans left to sale, dealers said. Most growers were not willing to make new-crop contracts at current prices even as US soya futures rallied early on Monday.
Chicago Board of Trade soyabean futures traded higher, with the front months up more than 1 percent, early on Monday supported by export demand and concerns forecasted rain showers could miss some dry pockets in the US Midwest. Spot soya bids fell by 5 to 25 cents per bushel around the region, dealers said. Corn trade was also quiet with a few farmers selling small volumes of old-crop in an effort to clean out on-farm storage bins ahead of upcoming the fall harvest, an Ohio dealer said.